India ready to play its part in overcoming ongoing global slowdown: Singh

New Delhi, June 15 (ANI): The Prime Minister, Dr. Manmohan Singh, on Monday said that India, as one of the fastest growing economies among BRIC members, was ready to play its part in coordinating international efforts to overcome the ongoing financial and economic slowdown.

In a statement issued before his departure for Russia to attend two multilateral summits - the Brazil-Russia-India-China (BRIC) summit and the Shanghai Cooperation Organization (SCO) summit - Dr. Singh said: “BRIC countries also have a role to play in promoting the principle of multilateralism in international affairs, and in the reform of institutions of global governance, including the United Nations, to reflect contemporary realities. From these points of view, the convening of the first stand-alone summit of BRIC countries is a significant development.”

“I will also be attending the Summit meeting of the Shanghai Cooperation Organization (SCO) for the first time. India has been an observer of the SCO since 2005. My decision to attend the Summit is a reflection of the high regard we have for Russia’s Presidency of the SCO, and our desire to intensify our engagement with countries of our extended neighbourhood in Central Asia,” he added.

The two summits are being held in Yekatarinburg.

The countries of Brazil, Russia, India and China (BRIC) together account for 40 percent of the world’s population and 40 percent of global Gross Domestic Product.

Dr. Singh said the BRIC grouping has the potential to lead global economic growth.

He also said that he would use his visit to discuss other issues such as the fight against terrorism and extremism and cooperation in areas of energy security, infrastructure development, agriculture, transportation, science and technology and education.

He said both India and the SCO stand to gain considerably from each other through such cooperation. (ANI)